re: Here They Come! Why Congress Might Have to Mess with the 401(k)

quote:Who is proposing ideas of raiding private retirement accounts? Who is proposing to raise taxes on the top 1,2, or 5% of income earners? I'm not going to play this, "well they are all the same" cop out game, to make myself seem angry at government in general. I am starting to despise all liberal democrats first.

Okay, what party held the House, the Senate AND the Executive from 2000-2006 [that's SIX fricking years to solve the problems!], and was handed a budget SURPLUS to start with?

re: Here They Come! Why Congress Might Have to Mess with the 401(k)(Posted by accnodefense on 11/29/12 at 4:06 pm to accnodefense)

Also Rush Limbaugh was talking today about a plan to seize everyone's 401k and retirement accounts, and put the money into government bonds at 3%. So basically the government gets the money first, up front.

Some frick face is going to bring this idea of some form to the floor eventually, which is why house Republicans need to hold firm.

Also 401k money is taxed, because in your paychecks you are taxed in gross pay.

quote:I'm going to do my best planning to avoid paying taxes on my 401(k), IRA rollover withdrawals whenever I start withdrawing by attempting to withdraw only an amount that won't put me into a taxable income situation.

Isn't that a bit like saying, "I'm going to quit my job paying $150,000 a year and get on welfare so I don't have to spend $30,000 on taxes."?

Yeah, you're 'saving' $30k right there.

I mean, I can see managing it so that you don't hit the highest bracket, and stay right below the cut off, but no income taxes?

re: Here They Come! Why Congress Might Have to Mess with the 401(k)(Posted by Rawdawgs on 11/29/12 at 4:28 pm to KeyserSoze999)

They have already screwed you on your 401(k). The idea was that you would put money in there while you were being taxed at a high rate and then take it out when you are retired and being taxed at a lower rate. I will probably be paying a higer tax rate when I withdraw than when I put it in there. The other tactic will be to debase the currency to the point that inflation (combined with ZIRP) makes your savings worth less.

re: Here They Come! Why Congress Might Have to Mess with the 401(k)(Posted by TrueTiger on 11/29/12 at 4:29 pm to KeyserSoze999)

Yeah, there are a couple of tricks out there. This is another point about increasing taxes and government confiscation. The more it happens, the more unfair it is viewed, and the more people who are generally honest start looking for ways to keep their money.

Its perceived that the government is cheating them so why not cheat the government? Draconian taxes create more criminals. Let's cut down on crime not increase it.

re: Here They Come! Why Congress Might Have to Mess with the 401(k)(Posted by KeyserSoze999 on 11/29/12 at 4:38 pm to TrueTiger)

well the courts, of the past, have ruled that everyone is entitled to do what they can do to avoid paying taxes(within the law), and I believe its my moral obligation to keep every cent out of these fricktards hands as I can. People put them on a pedestal when, in reality, they are just a collection of greedy ruthless dipshits. Getting around the dipshits is what life is all about, if you ask me and my way of avoiding being taxed is legal not criminal, but I would not want to shout it from the mountaintops, if you understand.

re: Here They Come! Why Congress Might Have to Mess with the 401(k)(Posted by WildTchoupitoulas on 11/29/12 at 4:38 pm to TrueTiger)

quote:Draconian taxes create more criminals.

As do tax code complications.

When I fill out my tax form, I look at the question and answer it in the way most profitable to me. I figure if I'm wrong, they'll catch it and let me know.

...which is exactly what they did one time. I looked at their claim, and agreed with them and sent them the additional money. No big deal. But I wondered if they always catch it. A government agency, THAT efficient? nahhh...

re: Here They Come! Why Congress Might Have to Mess with the 401(k)(Posted by davesdawgs on 11/29/12 at 11:45 pm to buddhavista)

quote:well spending bills must originate from the house.

Not necessarily. See Obamacare. The Senate basically took a completely unrelated bill passed by the House and morphed it into their version of Obamacare. Liberal Dems will do whatever it takes to get their way.

re: Here They Come! Why Congress Might Have to Mess with the 401(k)(Posted by RCDfan1950 on 11/30/12 at 8:04 am to davesdawgs)

Ever since I read the book "Aftershock"...I've been astounded at how people with 'money' in the markets (or somewhere in the ethers) just accept the *fact* that a major economic collapse...won't affect their ability to access that money!

I have a good friend with about a half mil in his 401k...gave him the book; been a couple of years, and he still has it. Like he's studying the thing and trying to figure out how to keep his savings from going to "money heaven", in the increasingly highl probable event of a collapse of the current system. Voted Obama...believes in the man; no way he would think the Dems don't have the best interests of the nation at heart. Of course, they do; just that their best interest, is of the egalatarian sort.

The Socialists don't have to spend time passing all of these complex laws...all they have to do is what Obama IS doing...keep the private economy shrinking so he can *legitimately* keep spending toward collapse. Then one foggy morning, it ALL goes into the 'reorganization' kitty; where it will be allocated in a *fair* manner. According to dire need. They win!

You fellas better take that penalty and get something in your hand, or you'll end up like the old fable about the dog with the bone who saw his reflection in the water.